I moved from an SI, to a big4 and then to industry.
In terms of work life balance it's obviously a great move as 9-5 is the norm. Salaries on offer in industry are also no less than consulting depending upon the sort of roles you are looking for.
However my experience in industry has been tainted by being made redundant and then having a long term contract cut short due to changes in structure on both occasions. With all firms looking at their budgets, all I'd say is be careful on which role and firm you pick in industry as stability would be important now that you have a child.
In terms of moving back to consulting, well I've been in industry about 2 years now and have recently interviewed with one of the big4 so your knowledge and experience on the client side would be valued.
Hope that helps.